EVI Industries to Acquire Haiges Machinery
EVI Industries has announced a definitive agreement to acquire Haiges Machinery, a Huntley, IL-based distributor of commercial laundry products and services. This marks EVI's first acquisition in the Midwest region. Haiges Machinery, with its 25 employees, will continue operating under its existing name and from its current facility.
This represents EVI's 29th commercial laundry business acquisition, maintaining its position as the fastest-growing and only listed company in the North American commercial laundry distribution and services industry. The transaction, to be paid in cash, is expected to close upon meeting customary conditions and contribute to EVI's earnings for the fiscal year ending June 30, 2025.
The acquisition aligns with EVI's buy-and-build strategy, which focuses on partnering with influential leaders, retaining leadership teams, fostering growth and innovation, and creating an ownership culture through long-term equity incentives.
EVI Industries ha annunciato un accordo definitivo per acquisire Haiges Machinery, un distributore di prodotti e servizi per lavanderie commerciali con sede a Huntley, IL. Questo segna la prima acquisizione di EVI nella regione del Midwest. Haiges Machinery, con i suoi 25 dipendenti, continuerà a operare con il proprio nome attuale e dalla sua struttura esistente.
Questa rappresenta la 29esima acquisizione di EVI nel settore delle lavanderie commerciali, mantenendo la sua posizione come la società quotata in più rapida crescita e l'unica nell'industria della distribuzione e dei servizi per lavanderie commerciali in Nord America. La transazione, che sarà pagata in contante, dovrebbe concludersi al soddisfacimento delle condizioni abituali e contribuire agli utili di EVI per l'anno fiscale che termina il 30 giugno 2025.
L'acquisizione si allinea con la strategia di acquisizione e costruzione di EVI, che si concentra sul collaborare con leader influenti, mantenere i team di leadership, promuovere la crescita e l'innovazione e creare una cultura di proprietà attraverso incentivi azionari a lungo termine.
EVI Industries ha anunciado un acuerdo definitivo para adquirir Haiges Machinery, un distribuidor de productos y servicios de lavandería comercial con sede en Huntley, IL. Esta marca es la primera adquisición de EVI en la región del Medio Oeste. Haiges Machinery, con sus 25 empleados, continuará operando bajo su nombre actual y en su instalación actual.
Esto representa la 29ª adquisición de EVI en el negocio de lavanderías comerciales, manteniendo su posición como la empresa que más rápido crece y la única que cotiza en el sector de distribución y servicios de lavandería comercial en América del Norte. La transacción, que se pagará en efectivo, se espera que se cierre al cumplir con las condiciones habituales y contribuya a las ganancias de EVI para el año fiscal que termina el 30 de junio de 2025.
La adquisición se alinea con la estrategia de compra y construcción de EVI, que se centra en asociarse con líderes influyentes, retener equipos de liderazgo, fomentar el crecimiento e innovación, y crear una cultura de propiedad a través de incentivos de capital a largo plazo.
EVI Industries는 상업 세탁기 제품 및 서비스의 배급업체인 Haiges Machinery를 인수하기 위한 확정 계약을 발표했습니다. 이는 EVI의 중서부 지역 첫 번째 인수로 기록됩니다. Haiges Machinery는 25명의 직원을 두고 있으며 기존 이름과 현재 시설에서 계속 운영됩니다.
이번 거래는 EVI의 29번째 상업 세탁 사업 인수로, 북미 상업 세탁 배급 및 서비스 산업에서 가장 빠르게 성장하고 유일하게 상장된 회사로서의 위치를 유지합니다. 현금으로 지불될 이 거래는 통상적인 조건을 충족하면 마감될 것으로 예상되며, 2025년 6월 30일로 종료되는 회계 연도의 EVI 수익에 기여할 것으로 보입니다.
이번 인수는 EVI의 인수 및 빌드 전략과 일치하며, 이는 영향력 있는 리더들과 파트너십을 맺고, 리더십 팀을 유지하며, 성장과 혁신을 촉진하고, 장기적인 지분 인센티브를 통해 소유 문화를 창출하는 데 초점을 맞추고 있습니다.
EVI Industries a annoncé un accord définitif pour acquérir Haiges Machinery, un distributeur de produits et services de blanchisserie commerciale basé à Huntley, IL. Cela marque la première acquisition d'EVI dans la région des Midwest. Haiges Machinery, avec ses 25 employés, continuera à fonctionner sous son nom actuel et dans ses locaux existants.
Ceci représente la 29ème acquisition d'EVI dans le secteur des blanchisseries commerciales, maintenant sa position en tant que société cotée la plus dynamique et la seule dans l'industrie de la distribution et des services de blanchisserie commerciale en Amérique du Nord. La transaction, qui sera réglée en espèces, devrait se clôturer après avoir rempli les conditions habituelles et contribuer aux bénéfices d'EVI pour l'exercice se terminant le 30 juin 2025.
L'acquisition s'aligne avec la stratégie d'achat et de construction d'EVI, qui se concentre sur le partenariat avec des leaders influents, le maintien des équipes de direction, la promotion de la croissance et de l'innovation, et la création d'une culture de propriété grâce à des incitations à long terme en actions.
EVI Industries hat eine endgültige Vereinbarung zur Übernahme von Haiges Machinery, einem in Huntley, IL ansässigen Distributor von Produkten und Dienstleistungen für gewerbliche Wäschereien, angekündigt. Dies markiert die erste Übernahme von EVI in der Mittelwest-Region. Haiges Machinery, mit seinen 25 Mitarbeitern, wird weiterhin unter dem bestehenden Namen und von der aktuellen Anlage aus operieren.
Dies stellt die 29. Übernahme von EVI im Bereich gewerblicher Wäschereien dar und sichert den Status von EVI als das am schnellsten wachsende und einzige börsennotierte Unternehmen in der nordamerikanischen Branche für gewerbliche Wäschereivertrieb und -dienstleistungen. Die Transaktion, die in bar bezahlt wird, wird voraussichtlich nach Erfüllung der üblichen Bedingungen abgeschlossen und zur EVI-Rentabilität für das zum 30. Juni 2025 endende Geschäftsjahr beitragen.
Die Übernahme passt zu EVI's Buy-and-Build-Strategie, die sich darauf konzentriert, mit einflussreichen Führungspersönlichkeiten zusammenzuarbeiten, Führungsteams zu erhalten, Wachstum und Innovation zu fördern und eine Eigentumskultur durch langfristige Eigenkapitalanreize zu schaffen.
- First strategic expansion into the Midwest region
- Expected to be earnings accretive by FY2025
- Adds 25 experienced laundry professionals to the workforce
- Strengthens market position as the leading commercial laundry distributor
- None.
Insights
The acquisition of Haiges Machinery marks EVI Industries' strategic expansion into the Midwest market, representing their 29th acquisition in the commercial laundry sector. The deal structure follows EVI's proven integration model - maintaining operational autonomy, retaining all employees and preserving existing supplier relationships. This cash-based transaction adds 25 experienced professionals and establishes a important foothold in a previously untapped geographic region.
The acquisition aligns with EVI's consolidation strategy in the fragmented commercial laundry distribution market. Their buy-and-build approach, focusing on leadership retention and operational autonomy, has historically resulted in successful integrations and market share growth. The expected accretive impact to FY2025 earnings suggests favorable deal economics, though specific financial terms weren't disclosed.
Think of this acquisition as adding another piece to a puzzle - each acquisition fills a geographic or operational gap while maintaining the unique characteristics that made the acquired business successful. For the everyday investor, this translates to controlled expansion without disrupting existing revenue streams.
EVI's acquisition strategy demonstrates a sophisticated approach to industry consolidation that's worth examining closely. Their model of preserving brand identity and operational autonomy while integrating new businesses into their network represents a low-risk expansion method. This approach minimizes integration risks and maintains valuable customer relationships.
The company's focus on equity-based motivation for leadership teams creates alignment between acquired business management and EVI's long-term objectives. This ownership culture, combined with technological modernization initiatives, positions EVI to potentially capture operational synergies while maintaining local market expertise.
In simpler terms, imagine buying a successful local restaurant chain - instead of changing everything to match a corporate template, you keep what makes it special while adding better tools and resources. This is exactly what EVI does with laundry businesses and it's working remarkably well for their growth strategy.
As is customary under EVI’s operating model, Haiges Machinery will operate under its existing name, from its existing facility, with all twenty-five (25) current employees, and continue to represent the Company’s long-term and loyal supplier partners. Upon completion of the Haiges Machinery acquisition, EVI will have acquired twenty-nine (29) commercial laundry businesses and continues to be the fastest growing and only listed company devoted to the North American commercial laundry distribution and services industry.
Henry M. Nahmad, EVI’s Chairman and CEO, commented: “The achievement of our long-term goals requires time, patience, and thoughtful execution. Our operating philosophy is a natural fit for entrepreneurs and industry professionals who seek to build their company and careers as part of a broad family with common goals, principles, and values. We appreciate the thoughtfulness Robert Haiges, and his family undertook throughout this process. We are pleased to welcome the Haiges Machinery team to the EVI family, and we look forward to their valuable contributions over the long-term.”
The transaction is expected to close upon the satisfaction of customary closing conditions. EVI expects Haiges Machinery’s results of operations to be accretive to its fiscal year ended June 30, 2025. Consideration for the purchase of Haiges Machinery is to be paid in cash.
EVI’s Buy and Build Philosophy
Since 2016, EVI has acquired twenty-eight (28) businesses and has become the leader in the North American commercial laundry distribution and service industry. Key components of EVI’s buy-and-build strategy include:
- Identify and partner with great businesses led by influential leaders,
- Retain the leadership team, honor the company culture and empower them,
- Collaborate on new and transformative ideas to foster a spirit of growth and innovation,
- Pursue aggressive growth plans and help the leadership team achieve their goals,
- Deploy advanced technologies to modernize operations and enhance the customer experience, and
- Create an ownership culture by motivating the team with long-term equity.
About EVI Industries
EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, EVI provides its customers with planning, designing, and consulting services related to their commercial laundry operations. EVI sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, EVI sells related parts and accessories. Additionally, through EVI’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. EVI’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems as well as the purchase of EVI’s installation, maintenance, and repair services.
Forward-Looking Statements
Except for the historical matters contained herein, statements in this press release are forward- looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of EVI, or industry trends and results, to differ from the future results, trends, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that the proposed acquisition of Haiges Machinery may not be accretive to EVI’s earnings or otherwise have a positive impact on EVI’s operating results or financial condition to the extent anticipated or at all, integration risks, risks related to the business, operations and prospects of Haiges Machinery and EVI plans with respect thereto, the risk that the conditions to closing the proposed acquisition may not be satisfied and that the proposed acquisition may not otherwise be consummated when expected, in accordance with the contemplated terms, or at all, and the risks related to EVI’s operations, results, financial condition, financial resources, and growth strategy, including EVI’s ability to find and complete other acquisition or merger opportunities, and the impact of any such acquisitions or mergers on EVI’s operations, results and financial condition. Reference is also made to other economic, competitive, governmental, technological and other risks and factors discussed in EVI’s filings with the Securities and Exchange Commission, including, without limitation, those disclosed in the “Risk Factors” section of EVI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the SEC on September 12, 2024, as amended by its Annual Report on Form 10-K/A for the fiscal year ended June 30, 2024, filed with the SEC on September 13, 2024 and October 25, 2024. Many of these risks and factors are beyond EVI’s control. In addition, past performance and perceived trends may not be indicative of future results. EVI cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. EVI does not undertake to, and specifically disclaims any obligation to, update or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121921661/en/
EVI Industries, Inc.
Henry M. Nahmad
Chairman and CEO
(305) 402-9300
Craig Ettelman
Director of Finance and Investor Relations
(305) 402-9300
info@evi-ind.com
Source: EVI Industries, Inc.
FAQ
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